Equipment Appraisal Blog | Understanding Machinery Appraisals

How Does an Expert Witness Appraisal Report Help Settle Your Business Dispute?

Posted by Equipment Appraisal Services on Mon, Jun 01, 2020 @ 08:00 AM

Witness swearing on the bible telling the truth in the court room

Whether you're facing a potential court case, legal settlement, mediation or negotiation, knowing how to present the value of your equipment is of vital importance. Unfortunately, there are many situations where that value may be a matter of dispute. How do you independently and accurately explain what your machinery is worth? One of the best ways to do this is through an Expert Witness Appraisal Report. This type of valuation takes a detailed external look at the value of your assets that may be involved in a business dispute that is being litigated. Here's a summary of how this type of appraisal can help support your equipment values.

How Does an Expert Witness Appraisal Report Help Settle Your Business Dispute?

When you're facing a potential court case or other legal action, it is vitally important to independently support and ultimately prove your side of the case. In situations where damages are being measured in part based on the value of your tangible assets, an expert witness equipment appraiser can provide you with a solid way of doing this.

In a similar fashion, an experienced expert witness equipment appraiser can testify in deposition, arbitration or court as to the methodology and opinions of value derived in the report itself. An accredited equipment appraiser who has experience with these types of engagements, can provide the necessary expertise to discuss their background and specific details involved with the appraisal.

The information they rely on from you should include the equipment's age, make, model, capacity and other specifications, as well as repair and maintenance history during the asset's lifespan. With all of this information at hand, as well as the expert appraiser's independent research and analysis, the valuation report will be highly supportable and credible in the view of attorneys, judges, juries, and arbitration panels.

Regardless of the specific business dispute that is being litigated, an experienced equipment appraiser can structure the expert report to focus on the measurable levels of value that directly impact the case, while bringing available independent market data and accepted appraisal techniques to the forefront of the case. Based on the experience and expertise of an independent equipment appraiser who can provide a supportable and credible valuation report, you will be able to confidently argue your case. The methodologies and approaches utilized by the appraiser should be in conformity with both the American Society of Appraisers (ASA) and Uniform Standards of Professional Appraisal Practice (USPAP), who are considered two of the top tier independent valuation organizations in the world, and are accepted in a wide range of circles for all appraisal needs.

By understanding what an expert witness appraisal report can do for you when faced with a business dispute under litigation, you can ensure that the value of your tangible equipment assets are being accurately and fairly represented. It is of critical importance that you work with an accredited equipment appraiser who has ample experience with preparing these expert reports as well a resume with a history of recent trial and deposition testimony. This gives you the best opportunity to realize a favorable outcome with your case.

Tags: Expert Witness Appraisal Report